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My siblings and I inherited land form our father when he…

My siblings and I...

My siblings and I inherited land form our father when he passed in 1990. we sold the land in 2017. How can we find the FMV as of 1990? and part of the land was a tree farm and considered conservation land, does this matter? Thank you

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don't think so other than the land is located in Chatham county, NC

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3/9/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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You can try the Chatham County NC Tax Assessor site.

http://ustaxdata.com/nc/chatham/Search.cfm

If you or anyone else is in the county you can go to the courthouse and request to see the tax records back when this was changed to you and your siblings.

The transfer back then should still be on record would show the value.

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Customer reply replied 1 month ago
Does that fact that the tree farm is considered a conservation land?

It will not change your reporting issue no.

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Customer reply replied 1 month ago
Ok. Thanks.

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,770
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Different expert here - my name is ***** ***** please allow me to provide you with additional information that you will find helpful even though you have already rated the first expert's answer.

The assessed value (as provided by the Tax Assessor) is usually ALWAYS CONSIDERABLY LESS than the FMV of property.

My best advice would be to contact a local real estate agent/broker who will be able to provide you with a more accurate figure as it pertains to FMV.

Thank you and best regards,

Barb

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